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FSC issues alert on another unlicensed firm

Published:Wednesday | June 10, 2015 | 12:00 AM

Jamaica's financial watch-dog is warning that the company identifying itself as International Financial Services Limited (IFS) is not licensed to conduct either securities dealing or insurance business in Jamaica.

Additionally, the Insurance Association of Jamaica and the Jamaica Securities Dealers Association say the firm is not known to them.

Last week, the FSC issued a notice saying that IFS was soliciting securities business in Jamaica, and that its flyers said it was licensed by the Financial Services Commission (FSC). The agency said the company was not authorised to conduct business in Jamaica.

There is a company called International Financial Services, which is based in Mauritius and is licensed by the Financial Services Commission of Mauritius. That company told Wednesday Business via email that it has absolutely no connection to the entity soliciting business in Jamaica.

"We do not carry out business in Jamaica, have no presence in Jamaica, and have no link whatsoever with the entity stated in the notice issued by the FSC of Jamaica. Further, we have not given authorisation to any entity in or outside of Mauritius to carry out business under our name in Jamaica. As such, the Jamaican company is altogether a different entity which has absolutely no association with our company," said the email that was signed 'IFS Limited'.

"We reserve our right to seek redress in case our name is being used wrongfully and our reputation is tarnished," the Mauritius company said.